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spec(exec §0): record measured 2.00 bps maker fee — refutes 1bp assumption, no rebate

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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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2026-07-14 22:14:49 +02:00
parent 2022dc9fe2
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1 changed files with 5 additions and 2 deletions
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prod/docs/SPEC_UNIFIED_EXEC_LAYER_20260714.md
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@@ -21,8 +21,11 @@ asset, a size, and a prayer"** (operator's words, now doctrine §2) — so that
this factory ever produces (BLUE, UV/BLUE-PRIME flights, VIOLET, VIBRASS children, this factory ever produces (BLUE, UV/BLUE-PRIME flights, VIOLET, VIBRASS children,
MALKHUT, things not yet named) executes through the *same* battle-tested body. The MALKHUT, things not yet named) executes through the *same* battle-tested body. The
economics that justify its existence are measured, not hoped: taker round-trip ≈ 10 bps economics that justify its existence are measured, not hoped: taker round-trip ≈ 10 bps
(5.016 bps/side over 1,455 live fills) vs maker-both ≈ 4 bps *if* the assumed 1 bp maker (5.016 bps/side over 1,455 live fills) vs maker-both ≈ 4 bps — **maker side now MEASURED at
fee survives measurement (§17-Q1 — still the cheapest high-stakes experiment we have); 2.00 bps** (VST GTX fill 2026-07-14, `BINGX_MAKER_FEE_MEASURED_20260714.md`; = BingX's
published 0.02% rate). The earlier "1 bp maker" assumption is **refuted** (real is 2×, a
cost not a rebate — the negative-commission sign is a debit); the ~6 bp/RT saving still
holds and the case stands (§17-Q1 — the cheapest high-stakes experiment we had);
UV's own audit showed the identical brain losing −758 USDT on friction alone while BLUE UV's own audit showed the identical brain losing −758 USDT on friction alone while BLUE
netted +2.5%/day — **execution is where the parity gap is made of money.** netted +2.5%/day — **execution is where the parity gap is made of money.**